abrdn plc Reduces Stake in ReNew Energy Global Plc (NASDAQ:RNW)

abrdn plc lessened its holdings in shares of ReNew Energy Global Plc (NASDAQ:RNW) by 27.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,168,992 shares of the company’s stock after selling 1,964,099 shares during the period. abrdn plc’s holdings in ReNew Energy Global were worth $39,594,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Pale Fire Capital SE purchased a new stake in shares of ReNew Energy Global in the third quarter valued at approximately $54,000. Counterpoint Mutual Funds LLC acquired a new position in shares of ReNew Energy Global during the third quarter worth $87,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of ReNew Energy Global during the third quarter worth $90,000. Syon Capital LLC acquired a new position in shares of ReNew Energy Global during the third quarter worth $93,000. Finally, Cerity Partners LLC acquired a new position in shares of ReNew Energy Global in the 4th quarter valued at $180,000. Hedge funds and other institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Trading Up 0.2 %

RNW stock opened at $5.66 on Tuesday. The company’s 50-day simple moving average is $6.13 and its 200-day simple moving average is $6.36. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 4.57. ReNew Energy Global Plc has a 52-week low of $4.78 and a 52-week high of $7.79. The firm has a market cap of $2.11 billion, a P/E ratio of 56.60 and a beta of 0.91.

ReNew Energy Global (NASDAQ:RNW) last posted its earnings results on Tuesday, February 20th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). ReNew Energy Global had a return on equity of 2.96% and a net margin of 3.61%. The firm had revenue of $232.00 million for the quarter, compared to analysts’ expectations of $195.90 million. During the same period in the previous year, the company earned ($0.15) earnings per share. As a group, equities analysts forecast that ReNew Energy Global Plc will post 0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Mizuho upped their target price on ReNew Energy Global from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, January 3rd. Roth Mkm lowered their price target on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.35.

ReNew Energy Global Company Profile

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.